Bitwise Closes Dogecoin ETF Amid Trading Volume Decline
Bitwise Asset Management has announced that it will close its Dogecoin ETF (BWOW) after just ten months of trading. The NYSE Arca-listed fund is set to cease trading on October 14, with remaining shareholders receiving cash based on the net asset value on October 21.
The decision to close BWOW comes as Bitwise works to optimize its product range and meet evolving investor needs. Despite generating $3 million in trading volume during its launch week, daily activity failed to return to this initial level over the past few months.
Dogecoin funds have recorded modest net inflows, with approximately $318,000 entering U.S.-based exchange-traded products in August. However, compared to established Bitcoin and Ether products, these results are relatively small.
Bitwise has stated that it will convert the Dogecoin held by BWOW into cash on October 14, with creation of new shares stopping before NYSE Arca opens on October 15. Remaining shareholders who do not sell their positions will receive cash based on the net asset value on October 21.